Harvard Case - Hövding: The Airbag for Cyclists
"Hövding: The Airbag for Cyclists" Harvard business case study is written by Joseph B. Fuller, Emilie Billaud. It deals with the challenges in the field of Entrepreneurship. The case study is 30 page(s) long and it was first published on : Feb 17, 2015
At Fern Fort University, we recommend H?vding prioritize a multi-pronged growth strategy focused on international expansion, product diversification, and strategic partnerships. This strategy will leverage their disruptive innovation and strong brand equity to capitalize on the growing global cycling market while mitigating risks through strategic partnerships and diversification.
2. Background
H?vding is a Swedish company that developed and commercialized the world?s first airbag for cyclists. The company was founded in 2005 by two entrepreneurs, Anna Haupt and Terese Alstin, who were inspired by the high number of cyclist fatalities and injuries. H?vding?s unique product, a concealed airbag that inflates upon impact, quickly garnered attention and garnered significant media coverage.
The case study focuses on H?vding?s journey from a startup to a rapidly growing company facing challenges related to scaling production, international expansion, and maintaining its innovative edge. The company has successfully secured venture capital funding and established a strong brand presence, but needs to navigate the complexities of going public and competing in a rapidly evolving market.
3. Analysis of the Case Study
We can analyze H?vding?s situation using the Porter?s Five Forces framework:
1. Threat of New Entrants: The threat of new entrants is moderate. While the technology behind the airbag is complex, the market is attracting new players with similar products.
2. Bargaining Power of Buyers: Buyers have moderate bargaining power. Cyclists are price-sensitive, but the safety benefits offered by H?vding?s product create some brand loyalty.
3. Bargaining Power of Suppliers: The bargaining power of suppliers is moderate. H?vding relies on specialized manufacturers for components, but the company has established strong relationships and can leverage its brand to negotiate favorable terms.
4. Threat of Substitute Products: The threat of substitute products is high. Traditional helmets offer a cheaper alternative, while other emerging technologies like smart helmets are gaining traction.
5. Competitive Rivalry: Competitive rivalry is intense. H?vding faces competition from established helmet manufacturers, new entrants with similar airbag technologies, and other safety solutions for cyclists.
Key Challenges:
- Scaling Production: Meeting increasing demand while maintaining product quality and cost control.
- International Expansion: Navigating cultural differences, regulatory hurdles, and distribution challenges in new markets.
- Maintaining Innovation: Staying ahead of the competition by developing new products and features.
- Financial Sustainability: Balancing profitability with growth and investment in research and development.
4. Recommendations
1. International Expansion:
- Strategic Partnerships: Partner with established cycling retailers and distributors in key target markets. This allows H?vding to leverage existing distribution networks and local expertise.
- Market Segmentation: Identify specific market segments with high potential, such as urban commuters, recreational cyclists, and e-bike users.
- Localization: Adapt marketing messages, product features, and packaging to meet the needs of specific markets.
2. Product Diversification:
- Expand Product Line: Develop new products that cater to different cycling needs, such as helmets with integrated lights, smart helmets with connectivity features, and airbag vests for specific activities.
- Focus on Sustainability: Develop eco-friendly products using recycled materials and sustainable manufacturing processes.
3. Strategic Partnerships:
- Technology Partnerships: Collaborate with technology companies to develop innovative features for H?vding?s products, such as smart helmets with fall detection, GPS tracking, and communication capabilities.
- Marketing Partnerships: Partner with organizations that promote cycling safety and sustainability, such as cycling clubs, advocacy groups, and government agencies.
4. Go Public:
- Timing is Crucial: Wait for the right market conditions and achieve a level of profitability that will attract investors.
- Clear Communication: Communicate a compelling vision for the future and a clear strategy for growth and profitability.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: H?vding?s core competencies lie in its innovative product design, strong brand equity, and commitment to safety.
- External Customers: The recommendations focus on meeting the needs of diverse customer segments within the growing global cycling market.
- Competitors: The recommendations address the threat of new entrants and substitute products by focusing on innovation, product diversification, and strategic partnerships.
- Attractiveness: The recommendations aim to enhance H?vding?s profitability and growth potential by expanding into new markets, diversifying its product line, and leveraging strategic partnerships.
6. Conclusion
H?vding has the potential to become a global leader in the cycling safety market. By focusing on international expansion, product diversification, and strategic partnerships, the company can capitalize on the growing demand for innovative safety solutions and achieve sustainable growth.
7. Discussion
Alternatives:
- Focusing solely on organic growth: This approach could be slower and riskier, as it would require significant investment in marketing and sales efforts.
- Acquiring existing cycling companies: This could provide access to new markets and distribution channels, but it also carries risks related to integration and cultural differences.
Risks:
- Competition: The market for cycling safety solutions is becoming increasingly competitive, and new entrants may emerge with disruptive technologies.
- Regulatory hurdles: International expansion may face regulatory challenges, such as product certification requirements and safety standards.
- Execution risks: Successfully implementing the recommended strategy requires effective execution and coordination across different departments and teams.
Key Assumptions:
- The global cycling market will continue to grow in the coming years.
- H?vding can maintain its technological edge and develop innovative products.
- The company can successfully navigate the challenges of international expansion.
8. Next Steps
- Develop a detailed international expansion plan: Identify target markets, research local regulations and consumer preferences, and establish partnerships with distributors.
- Develop a product diversification roadmap: Identify new product categories and features that meet the needs of different customer segments.
- Explore strategic partnership opportunities: Identify potential partners in technology, marketing, and distribution.
- Prepare for a potential IPO: Develop a strong financial track record and a clear growth strategy to attract investors.
By taking these steps, H?vding can position itself for continued success and become a global leader in the cycling safety market.
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Case Description
In 2012, Anna Haupt and Terese Alstin, cofounders of the Hövding company, reflect on the evolution of their venture and the way forward. Since 2005, Haupt and Alstin had been working on a new type of bicycle helmet-an "airbag for cyclists". What had begun as a thesis had grown into a seven-year journey of research and development, including raising over $5 million of venture capital. The product had been granted Europe's CE certification in 2011 and had been launched simultaneously in Sweden and Norway. Yet, a year later, the company had still not reached the breakeven point. To help them establish a commercialization strategy, the Hövding board had prevailed upon the founders to hire a professional CEO. But surrendering management control was an emotional process for Haupt and Alstin, while the CEO struggled to assert his leadership and build the company's commercial capabilities. Should Haupt and Alstin collaborate with their CEO despite their misgivings or should they step away from the company they had dedicated seven years to building?
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